The Snapchat owner was among the biggest losers after posting disapointing results for first quater
Wall Street closed lower on Thursday, pulled down by lower-than-expected sales at major US department stores and a selloff in Snap.
The Snapchat owner was among the biggest losers after the messaging app posted disappointing results for the first quarter.
Its shares tumbled 21% on slowing user growth and revenue in its first results as a public company.
The Dow Jones fell 23.6 points to 20,919.4.
The S&P 500 dropped 5.19 points to 2,394.4 and the Nasdaq index shed 13.1 points to 6,115.9.
Shares of department store operator Macy’s shed 17% after its quarterly results were released, leading a broader sell-off of retail stocks.
Kohl’s and Nordstrom, which also reported on Thursday, closed down almost 8%, with firms such as Target and Ralph Lauren not far behind.
“It’s a gut check about the health of the consumer,” said Phil Blancato at Ladenburg Thalmann Asset Management. “It’s a canary in the coalmine moment.”
Bank stocks were weighed down by Wells Fargo, which fell nearly 2% after investors were underwhelmed by a cost-cutting plan unveiled on Thursday.
The bank, which has been rocked by a a fake account scandal, failed to convince investors it was now on the right path.
Join GhanaStar.com to receive daily email alerts of breaking news in Ghana. GhanaStar.com is your source for all Ghana News. Get the latest Ghana news, breaking news, sports, politics, entertainment and more about Ghana, Africa and beyond.